February 13th, 2010
in
Phoenix Real Estate |
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Credit Card Myths. Myth #3 this week; #4 next week
The myths and the reality
Myth No. 3: Merchants may require identification, such as a driver’s license, when you pay with a credit card.
Merchants’ agreements with Visa, MasterCard, American Express and Discover specifically forbid them from requiring identification. Your signature is supposed to be enough.
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Mortgage Interest Rates for Fixed Rate Mortgages*
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Rates as of Friday, 12th February, 2010:
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Term
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Conforming
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APR
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Payment per
$1,000
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Jumbo
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APR
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Payment per
$1,000
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FHA - 30 yr Fixed
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360
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5.00%
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5.146%
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$5.37
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5.125%
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5.213%
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$5.44
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FHA - 15 yr Fixed.
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180
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4.50%
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4.748%
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$7.65
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%
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0.000%
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$0.00
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Conv. - 30-Yr Fixed
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360
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4.97%
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5.115%
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$5.35
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6.42%
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6.515%
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$6.27
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Conv. - 15-Yr Fixed
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180
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4.29%
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4.537%
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$7.54
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%
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0.000%
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$0.00
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5/1 - Adjustable Rate
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360
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4.20%
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4.339%
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$4.89
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%
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0.000%
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$0.00
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USDA - Fixed 30 yr.
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360
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5.00%
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5.146%
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$5.37
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%
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0.000%
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$0.00
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*Rates are subject to change due to market fluctuations and borrower’s eligibility.
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2-12-2010 - Interest rates were unchanged. FHA changes in the works. The ‘upfront MIP’ will be INCREASED from 1.75% of the loan to 2.25% on the loan. This fee is added to the loan amount so the borrower does NOT have to come up with cash. The "Sellers Contribution will be REDUCED from 6% to 3%. There is talk about RAISING the ‘down payment’ from 3.5% to 5.00%. These changes are thought to be done around April 5th, 2010.
Jim Carney
Loan Officer - American Mortgage Specialists
Phone: (623) 544-3370
JimCarney@amsaz.com
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Posted via email from Active Adult Living
